Have We Forgotten Already!

By
Mortgage and Lending with Bank of England Mortgage 385907

Okay, last week my primary FHA lender sent out the usual email about how great they are and how much they know. In reading through the mail I noticed that it stated that you can only have one FHA loan. Well that's not correct, so I responded in kind. After a couple of responses back and forth my account executive finally sent me an email stating the following;

We should not be arguing over this, all that matters is how much $$$$$ I can help you make this month.

I guess he doesn't know me well because;

Ethical behavior does matter, big time!

He knew the info was wrong, had no intention of correcting it, and was solely focused on the $$$$$'s.

Personally I'm not trying to become a non profit organization, but;

Have we forgotten already, or did we not learn anything over the past 2-3 years.

Moral and ethical behavior in our industry is vital.

Sole pursuit of the almighty dollar was/is the problem!

Am I overreacting a bit? Maybe, but in my opinion that's what the market needs right now more than anything, that being to create a sense of trust, a comfort zone so to speak.

If we are to overcome our problems we must insist on ethical behavior. Intentionally publishing false data is not acceptable. Ignoring it and/or refusing to correct it when it is pointed out is not acceptable.

So, what's the solution.

They are no longer my FHA source, period.

 

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Rainmaker
194,975
Sacramento Grapevine
SacramentoGrapevine - Roseville, CA

NO YOU ARE OVERREACTING A SINGLE BIT......

SOUNDS LIKE SOMEONE NOT TO DO BUSINESS WITH............

Aug 11, 2008 01:23 AM #1
Rainer
70,071
Minnesota Home Staging Firm, Minnesota
Minnesota Home Staging Network~ MN's Top Home Staging Firm - Inver Grove Heights, MN

I don't think you are over reacting...

I don't think others have forgotten...perhaps not using good judgement?

Aug 11, 2008 01:23 AM #2
Rainmaker
288,859
Jay Beckingham
Bank of England Mortgage - Delray Beach, FL
Seniors ROCK!

Sindee,

luckily there are other options.

 

Beth

we need to be doing it right, all the time.

jay

Aug 11, 2008 08:30 AM #3
Rainmaker
218,087
Joan Mirantz
Homequest Real Estate - Concord, NH
Realtor, GRI, CBR, SRES - Concord New Hampshire

Now I don't know you very well but somehow the phrase "dog with a bone" comes to mind...obviously he didn't know you at all to think you would drop it...better you find out their true moral standing now than halfway through a transaction!

I doubt that all that has hapened will change anyones attitudes...loopholes are loopholes and money is money and there is always someone ready to work the system to find both! They'll just be smarter about it!

Yes, I am a cynic!

 

Aug 11, 2008 10:22 AM #4
Rainmaker
288,859
Jay Beckingham
Bank of England Mortgage - Delray Beach, FL
Seniors ROCK!

Joan,

this isn't a new lender/investor to me. they actually had just changed acct. exec's. i had closed about 5 transactions with them over the last 2 months.

now i'll close these with someone else.

by the way the foolishness of this is increased when you realize that their pricing is middle of the road. so if it's just about $$$$$ i should be using someone else anyway. 

jay

Aug 12, 2008 12:45 AM #5
Rainer
20,700
Michael Zollo
Coral Springs, FL
Certified Residential Appraiser, South Florida, FH

Sound like the same guy who faxed me, out of the blue, an appraisal order for FHA. He wanted know if I could hit a number, the only number I hit was his phone number, for him not to send me any more orders! But I wonder how long it took him to get what he wanted. 

Aug 14, 2008 07:54 AM #6
Rainer
6,714
Kevin Batdorf
Kevin Batdorf (Batdorf & Associates, Inc., St. Pete, FL) - Saint Petersburg, FL

Good for you!!!  It's about time that we all grew some kahoonas and did the right thing.

Aug 14, 2008 08:01 AM #7
Rainmaker
288,859
Jay Beckingham
Bank of England Mortgage - Delray Beach, FL
Seniors ROCK!

Michael,

the comperable sales are the comperable sales, you interpret the data and make conclusions based on the info. how would you know until you're done?

kevin,

thanks, last year i wrote a blog entitled "just say NO!" to fraud. maybe i should dust it off.

we need to attempt to make resposible choices in everything we do.

jay

Aug 16, 2008 11:32 AM #8
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Rainmaker
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Jay Beckingham

Seniors ROCK!
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